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Statements

Subject Item
dbr:Pension_release
rdf:type
yago:Cost113275847 dbo:Company yago:Relation100031921 yago:Payment113278375 yago:Abstraction100002137 yago:WikicatPensionsInTheUnitedKingdom yago:RegularPayment113281275 yago:Possession100032613 yago:Pension113384164 yago:TransferredProperty113252973 yago:Outgo113275288
rdfs:label
Pension release
rdfs:comment
Pension release is the removal of money from a pension fund at the age of 55 or older. Under UK law, as part of their transfer to a new provider a person can access up to 25% of their defined contribution fund tax free from the age of 55. They do not have to start taking income while the rest of the fund remains invested. The State Pension does not allow pension release.
dcterms:subject
dbc:Pensions_in_the_United_Kingdom
dbo:wikiPageID
21802208
dbo:wikiPageRevisionID
1004583622
dbo:wikiPageWikiLink
dbr:Pension_liberation dbr:UK dbr:Income_drawdown dbr:Confidence_tricks dbr:Government dbr:Public_sector dbr:Terminal_illness dbr:Law dbr:HMRC dbr:Cash dbr:Defined_benefit_pension_plan dbr:Income dbr:Investment dbr:Fraction_(mathematics) dbr:Money dbr:Tax_free dbr:Pension dbc:Pensions_in_the_United_Kingdom
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dbo:abstract
Pension release is the removal of money from a pension fund at the age of 55 or older. Under UK law, as part of their transfer to a new provider a person can access up to 25% of their defined contribution fund tax free from the age of 55. They do not have to start taking income while the rest of the fund remains invested. The State Pension does not allow pension release. Between April 2014 and April 2015, the entirety of a fund can be removed if it is not higher than £30,000. From April 6, 2015, there will be no limits on how much money can be removed, but all withdrawals outside of the 25% tax-free cash will be treated as taxable income. With the exception of "pension recycling" (adding released money back into a pension to enjoy tax relief for a second time), there are no restrictions on how the money can be used by the individual. A popular use is to tackle debts before entering retirement. Pension release is only available from a defined contribution pension fund that allows income drawdown, which is the mechanism that allows tax-free cash to be removed while keeping the rest invested. Members of a defined benefit, or final salary, scheme must transfer to a defined contribution scheme to have the option of pension release, but advice should be sought before doing so as it can mean relinquishing a number of benefits. The government has announced that only funded defined benefit schemes will be able to transfer out after April 2015, which will exclude most public sector pensions.
gold:hypernym
dbr:Removal
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wikipedia-en:Pension_release?oldid=1004583622&ns=0
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